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Family firms, R&D, and internationalization: the stewardship and socio-emotional wealth perspectives

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Abstract

This study draws on stewardship theory and socio-emotional wealth theory to postulate the moderating impact of family ownership on the relationship between research and development (R&D) and firm internationalization. In particular, it focuses on how the relationship between R&D and internationalization differs between family firms managed by a CEO who is a family member and family firms that are managed by a CEO from outside of the family. Based on longitudinal data gathered from 2000 through 2006 from 179 publicly listed high-tech firms in Taiwan, the results reveal that family CEOs further positively moderate the positive relationship between R&D and firm internationalization, while the moderating effect of non-family CEOs proved weaker regarding R&D and firm internationalization.

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Notes

  1. The dependent variable covered the years from 2001 to 2006, and the independent variables with control variables from 2000 to 2005.

  2. A structural attribute consists of two items: foreign assets as a percentage of total assets (FATA) and overseas subsidiaries as a percentage of total subsidiaries (OSTS).

  3. These variables were loaded on a factor using the “principal component extraction” method and a “varimax rotation.”

  4. According to the TEJ definition, the following managerial positions are identified as (non-CEO) top management positions: vice CEO, president, vice president, general managers, vice general managers, divisional managers, and equivalent other managerial positions.

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Authors and Affiliations

  1. Institute of International Business, College of Management, National Cheng Kung University, Tainan City, Taiwan

    Wen-Ting Lin

  2. Department of Management, City University of Hong Kong, 10-246, Academic 3, Kowloon Tong, Hong Kong

    Linda C. Wang

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  1. Wen-Ting Lin
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Lin, WT., Wang, L.C. Family firms, R&D, and internationalization: the stewardship and socio-emotional wealth perspectives. Asia Pac J Manag 38, 91–119 (2021). https://doi.org/10.1007/s10490-018-9636-2

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